Great Falls tribune. [volume] (Great Falls, Mont.) 1887-1890, 1887-12-10
THE MESSAGE.
FREE TRADE DEMOCRACY IN THE
ASCENDANCY.
A Revision of the Tariff, Especially OF
that on Wool, Recommended---The
Financial Policy of Wall
Street Upheld.

street Upheld.
WASHINGTON, December President
Cleveland's message is devoted entirely
to taxation. He says that the surplus rev.
nue. is now s55,O00,00O, and by June it
will be $14o,O00,0Oo. The continuous
boarding of public money in the national
treasury is grave danger. AS no more
bonds can be bought, there is but one way
out of the difficulty, which is to revise the
tariff by reducing the duties. The presi-
dent argues that the system of protection
enhances the price of domestic goods to
the consumer, and that protected manu-
facturers are comp elled to resort to trusts
to kill healthy competition. He holds that
both parties are bound to reduce the tar
iff, and due regard should be paid to do
nestle capital and labor. Appended are
some extracts which show the drift of the
message:
To the congress Of tie United States:
You are confronted at the threshold OF
your Legislative duties with condition OF
the national finances which imperatlvely
demands immediate and careful consid-
Grafton. The amount of money annually
received through the operation OF present
laws, from the industries and necessities
of the people, largely exceeds the sum
necessary to meet the expenses of the
government. When we consider that the
theory of our institutions guarantees to
every citizen the full endowment of the
fruits of his industry and enterprise, with
only such deduction as may be his share
toward the careful and economical main
tenance of the government which protects
him, it is plain that the exaction of more
than this is indefensible and a culpable
betrayal of fairness and justice. This
wrong inflicted upon those who bear the
burden of national taxation, like other
wrongs, multiply brood of evil conse-
quences The public treasury, which
should only exist as Il conduit conveying
the peoples tribute to its Legitimate OBJ
ject of expenditure, becomes Il boarding
place for money needlessiy Withdrawn
from trade and peoples use, thus Grip
pling our national energies, usurping our
eeuntry's development, preventing invest
ment in productive enterprises, threaten
ing financial disturbance and inviting
schemes of public plumber. This condi-
ton of our treasury is not altogether new
and it has more than once of late been
submitted to the peoples representatives
in congress, who alone can supply rem
edy. And yet the situation still continues,
with exaggerated incident, more than ever
presaging
FINANCIAL. CONFUSION AND WIDESPREAD
DISASTER.
Tt will not do to neglect this situation,
because its dangers are not now palpably
imminent and apparent. They exist none
the less certainly, and the unforeseen and
unexpected occasion when suddenly they
will be precipitated upon us. On the Both
day of June, 1885, the excess of revenue
over public expenditures, after complying
with the usual requirement of the sink
ing fund account, was SIT $50, 1854. Du-
ring the year ended June 80, 1885, such
excess amounted to $49,405, 1880, and
during the year ended June 80, 1887, it
reached the sum of $50, ,849.54. The.
annual contributions to the sinking fund
during the three years above specified,
amounted in the aggregate to $138,055,-
32O.94, and deductions from the surplus
as stated, were made by calling in for that
purpose outstanding three per cent bonds
of the government. During the six
months prior to June 30, 1887, the surplus
revenue had grown so large by repeated
accumulations, and it was feared the
withdrawal of this great sum of money
needed by the people would SO affect the
business of the country, that the sum of
S99,s64, 105 of such surplus was applied to
the payment of the principal and interest
of the three per cent bonds still outstand-
ing, and which were payable at the option
of the government. The rrecarious con-
dition of financial affairs among the peo-
pie still needing relief, Immediately after
the 3Oth day of June, 1887, the remainder
of the three per cent bonds then eutstana-
ing, amounting with principal and inter
est to the sum of SIS, ST., 800, were called
in and applied to the sinking fund con-
tribution for the current fiscal year.
METHODS OF TAXATION.
Our scheme of taxation, by means of